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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TAVORN RUBBER PRODUCT INDUSTRY COMPANY LIMITED |
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|
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Registered Office : |
33 Kanjanavanich Road,
T. Sadao, A. Sadao, Songkhla
90120 |
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Country : |
Thailand |
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Financials (as on) : |
30.10.2011 |
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Date of Incorporation : |
25.01.1989 |
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Com. Reg. No.: |
0905532000044 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Natural Rubber and
Latex Products |
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|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Ceasing Operation Completely |
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|
|
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Payment Behaviour : |
-- |
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Litigation : |
-- |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
thailand - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand
achieved steady growth due largely to industrial and agriculture exports -
mostly electronics, agricultural commodities, automobiles and parts, and
processed foods. Thailand is trying to maintain growth by encouraging domestic
consumption and public investment to offset weak exports in 2012. Unemployment,
at less than 1% of the labor force, stands as one of the lowest levels in the
world, which puts upward pressure on wages in some industries. Thailand also
attracts nearly 2.5 million migrant workers from neighboring countries. The
Thai government is implementing a nation-wide 300 baht ($10) per day minimum
wage policy and deploying new tax reforms designed to lower rates on middle-income
earners. The Thai economy has weathered internal and external economic shocks
in recent years. The global economic severely cut Thailand's exports, with most
sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%.
However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since
1995, as exports rebounded. In late 2011 growth was interrupted by historic
flooding in the industrial areas in Bangkok and its five surrounding provinces,
crippling the manufacturing sector. Industry recovered from the second quarter
of 2012 onward with GDP growth at 5.5% in 2012. The government has approved
flood mitigation projects worth $11.7 billion, which were started in 2012, to
prevent similar economic damage, and an additional $75 billion for
infrastructure over the next seven years with a plan to start in 2013.
|
Source
: CIA |
TAVORN RUBBER
PRODUCT INDUSTRY COMPANY LIMITED
REGISTRATION / LIQUIDATION : 33 KANJANAVANICH
ROAD, T. SADAO,
ADDRESS A.
SADAO, SONGKHLA 90120
ESTABLISHED : 1989
REGISTRATION NO. : 0905532000044
TAX ID NO. : 3901006942
CAPITAL REGISTERED : BHT.
30,000,000
CAPITAL PAID-UP : BHT.
30,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31 [
BEBORE LIQUIDATION ]
LEGAL STATUS : PRIVATE LIMITED
COMPANY
LINES OF BUSINESS : NATURAL RUBBER
AND LATEX PRODUCTS
MANUFACTURER
PRESENT SITUATION : CEASING
OPERATION COMPLETELY
The subject was established on January 25,
1989 as a
private limited company
under the originally
registered name “Tavorn
Latex Industry Company
Limited” by Thai
group. On September
29, 1989, its
registered name was
changed to TAVORN
RUBBER PRODUCT INDUSTRY
COMPANY LIMITED. Its
business objective was
declared to the
Commercial Registration Department
to manufacture and
distribute natural rubber
and latex products.
October 31, 2011,
the subject registered
its dissolution (cease company
and operation completely)
with the Commercial
Registration Department, and completed
its account liquidation
process on December
14, 2011. The
subject’s value added
tax registration was
withdrawn on April
30, 2012.
The registered/liquidation address
was at 33
Kanjanavanich Road, T. Sadao,
A. Sadao, Songkhla 90120.
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Tavorn
Ruangwarunwatana |
Thai |
66 |
|
Mrs. Naiyana Ruangwarunwatana |
Thai |
66 |
Any of the
above directors /liquidators can
sign on behalf
of the subject
with company’s affixed.
As the company
has been withdrawn
from the Commercial
Registration Department, any
business engagement should
be ceased. On
the other hand,
the company does not
exist in the registration
list, so it is considered
as non-existent company.
At present, the
address “33 Kanjanavanich
Road, T. Sadao, A. Sadao,
Songkhla 90120” is
valid and it
is the contacted
address of the
two following companies
within Tavorn Group.
- Tavorn Rubber
Industry [1982] Co.,
Ltd.
- Tavorn TTR
Industry Co., Ltd.
The capital was
registered at Bht. 5,000,000 divided into 5,000 shares of
Bht. 1,000 each with
fully paid.
The capital was
increased later as
follows:
Bht. 20,000,000
on March 13,
1989
Bht. 30,000,000
on April 3,
1996
The latest registered
capital was increased
to Bht. 30,000,000
divided into 30,000
shares of Bht.
100 each with
fully paid.
[as at April
30, 2011]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Tavorn
Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A.
Sadao, Songkhla |
12,000 |
40.00 |
|
Mrs. Naiyana Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A.
Sadao, Songkhla |
12,000 |
40.00 |
|
Ms. Karaked Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A. Sadao, Songkhla |
1,200 |
4.00 |
|
Mr. Chairat Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A.
Sadao, Songkhla |
1,200 |
4.00 |
|
Ms. Pornsiri Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A.
Sadao, Songkhla |
1,200 |
4.00 |
|
Mrs. Sakaorat Kanchanakaew Nationality: Thai Address : 89
Padangbezar Rd., T. Sadao, A. Sadao, Songkhla |
1,200 |
4.00 |
|
Mr. Chaiphot Ruangwarunwatana Nationality: Thai Address : 33/36
Kanjanavanich Rd., T. Sadao, A.
Sadao, Songkhla |
1,200 |
4.00 |
Total Shareholders : 7
Shareholders Structure
[as at April
30, 2011]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
30,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
30,000 |
100.00 |
Mrs. Somkaew Runglertkriengkrai No.
2715
The latest
financial figures published
for October 30,
2011, December 31,
2010 and 2009 were:
ASSETS
|
Current Assets |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Cash and Cash Equivalents |
33,132,424.93 |
2,418,323.71 |
2,413,495.28 |
|
Short-term Lending to Related
Company |
- |
8,650,474.39 |
6,280,474.39 |
|
Other Current Assets
|
- |
398,447.03 |
252,732.74 |
|
Total Current Assets
|
33,132,424.93 |
11,467,245.13 |
8,946,702.41 |
|
|
|
|
|
|
Long-term Investment in Related Company |
- |
25,000,000.00 |
25,000,000.00 |
|
Total Assets |
33,132,424.93 |
36,467,245.13 |
33,946,702.41 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2011 |
2010 |
2009 |
|
|
|
|
|
|
Other Current Liabilities |
14,072.42 |
112,834.75 |
28,709.01 |
|
Total Current Liabilities |
14,072.42 |
112,834.75 |
28,709.01 |
|
Total Liabilities |
14,072.42 |
112,834.75 |
28,709.01 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 1,000
par value authorized, issued
and fully paid share
capital 30,000 shares |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Capital Paid |
30,000,000.00 |
30,000,000.00 |
30,000,000.00 |
|
Retained Earning |
|
|
|
|
Appropriated - Statutory
Reserve |
3,000,000.00 |
3,000,000.00 |
3,000,000.00 |
|
Unappropriated |
118,352.51 |
3,354,410.38 |
917,993.40 |
|
Total Shareholders' Equity |
33,118,352.51 |
36,354,410.38 |
33,917,993.40 |
|
Total Liabilities & Shareholders' Equity |
33,132,424.93 |
36,467,245.13 |
33,946,702.41 |
|
Revenue |
Jan. 1,
2011 - Oct. 30,
2011 |
Dec. 31,
2010 |
Dec. 31,
2009 |
|
|
|
|
|
|
Other Income |
138,497.38 |
2,901,568.37 |
134,353.81 |
|
Total Revenues |
138,497.38 |
2,901,568.37 |
134,353.81 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Administrative Expenses |
47,110.68 |
10,258.40 |
11,850.05 |
|
Total Expenses |
47,110.68 |
10,258.40 |
11,850.05 |
|
Profit before Income Tax |
91,386.70 |
2,891,309.97 |
122,503.76 |
|
Income Tax |
[27,444.57] |
[454,892.99] |
[36,776.64] |
|
Net Profit / [Loss] |
63,942.13 |
2,436,416.98 |
85,727.12 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.